Thursday, January 7, 2016

Big college debt may not be best lesson to teach kids - News Democrat

You shouldn’t be faced with paying for your child’s education until the day you die, but that seems to be a growing reality as parents take on record amounts of debt so their children can go to college. Parents now owe $71 billion for federal student loans taken out for their children. The amount borrowed by parents for their kids each year is five times what it was 20 years ago. While those numbers are astounding, the scary details are that nearly half of the $71 billion is in deferment. Just because payments are on hold while students continue their education, doesn’t mean interest at nearly 8 percent a year isn’t swelling that debt.

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